UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549



FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report: July 19, 2006



Macquarie Global Infrastructure Total Return Fund Inc.
(Exact name of registrant as specified in its charter)



Maryland	 	333-124793	 	34-2045907
(State or other jurisdiction
of incorporation)	 	(Commission
File Number)	 	(IRS Employer
Identification No.)

125 West 55th Street, New York, NY 10019
(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code 800-644-5571
[Former name or former address, if changed since last report:  Not
Applicable Check the appropriate box below if the Form 8-K filing
is intended to simultaneously satisfy the filing obligation of the
registrant under any of the following provisions:
[  ]  Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)
[  ]  Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12)
[  ]  Pre-commencement communications pursuant to
Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ]  Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))]



Item 2.02 Results of Operations and Financial Condition.

NEW YORK, July 19, 2006  -  The Macquarie Global Infrastructure Total Return
Fund Inc. (the "Fund") (NYSE: MGU), held a conference call today at
4:15 PM ET to discuss the performance of the Fund for the six-month
period ending May 31, 2006.  A script of the conference call is attached
as Exhibit 99.1 to this Form 8-K.

About Macquarie Global Infrastructure Total Return Fund Inc.

The Macquarie Global Infrastructure Total Return Fund Inc. listed on the
NYSE on August 26, 2005 and is a non-diversified closed-end fund.  The
Fund invests in a non-diversified portfolio of equity, debt, preferred or
convertible securities and other instruments that are issued by US and
non-US companies that own, operate or manage infrastructure assets.

The Fund's investment advisor is Macquarie Fund Adviser, LLC, a
member of the Macquarie group of companies.
For further information, please contact:
Investor/Broker Enquiries
1-800-910-1434
Media Enquiries
Kathryn Bonnefin
Corporate Communications
Macquarie Group
Tel: 212-231-1739

Exhibit No. Description
99.1  Script of Conference Call from July 19, 2006



SIGNATURES

Pursuant to the requirements of the Securities and Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.


		Macquarie Global Infrastructure Total Return Fund Inc.
Date:
July 19, 2006	By: /s/ John B. Mullin
Chief Financial Officer
Macquarie Global Infrastructure Total Return Fund Inc.




                                  EXHIBIT 99.1

Macquarie Global Infrastructure Total Return Fund (MGU)
National Conference Call - July 19, 2006


Introduction

* Good afternoon and welcome to the 3rd National Conference
Call for the Macquarie Global Infrastructure Total Return Fund, or MGU.
* My name is Jon Fitch, and I am the Portfolio Manager for MGU.
* On this call this afternoon I would like to review the following:

1. Fund objectives;
2. MGU performance for the half year ended May 31, 2006;
3. Portfolio positioning; and
4. Outlook for the Fund

* Please note that this call will be recorded, and the recording will
be available for playback until Wednesday July 26, 2006. Playback
details are provided on the media release for this conference call.

1. 	Review of MGU Investment Objectives

* As discussed on previous calls, I think it is important to
reiterate what we like about the infrastructure asset class, and
what we hope to achieve with the Fund.
* We believe that infrastructure assets have a number of
features that make this an appealing asset class for investors:
* Essential services: many infrastructure issuers are the
sole provider of an essential product or service;
* Competitive advantage: often these businesses have
a strategic competitive advantage;
* Inelastic Demand: demand for infrastructure-related
products or services is often linked to underlying economic
or demographic growth, which can make demand less
sensitive to changes when compared to other products
and services;
* Long-life, Inflation linked assets: infrastructure
assets are typically long-life assets and may operate
under long-term concessions/agreements. The underlying
revenue of infrastructure assets may be linked to inflation,
sometimes directly through a regulatory framework or
through contracts/concession agreements linking
price/tariff growth to inflation;
* Leverage on Fixed-cost basis: once developed,
on-going operational costs for many infrastructure
assets are relatively low and stable. Increases in
revenue generated by such infrastructure assets
may not result in a proportionate increase in operating
costs, thereby increasing cash flow.
* By focusing on investments in the listed
securities of companies that own and/or operate
infrastructure assets, MGU seeks a high level of
total return to investors, consisting of dividends
and other income, and capital appreciation.

2. 	Review of MGU Performance and Summary of Investment  Activities

In regards to the performance of MGU for the half year ended May 31, 2006:
* We are pleased to report an increase in both net asset value (or NAV) and
share price of the Fund over the half year.
* After including distributions, MGU's NAV has increased over 10.5%, and
the share price has increased over 6% during the half year.
* As of May 31, 2006, the MGU share price was trading at a 13.0% discount
to NAV. Post half year end this discount has narrowed, with the MGU share price
trading at an 8.4% discount to NAV on June 30, 2006. For reference, as of
July 14, the MGU share price was $22.88, NAV was $24.69, and discount was 7.33%.

In regards to the performance of MGU relative to the Benchmark over the
half year:
* The Index we use as the Benchmark for MGU is the Macquarie Global
Infrastructure Index (USD Total Return), which is a FTSE calculated index
covering over 250 infrastructure/utilities stocks in the FTSE Global All-Cap
Index, and with a combined market capitalization of approximately $1.8 trillion.
* During the half year the Benchmark had a return of 13.9%.
* We believe that the major difference in performance relative to the
Benchmark can be attributed mainly to the Fund's limited exposure to
competitive-type utilities, that in part have benefited more directly from
energy price movements.

In regards to distributions:
* During the half year the Fund paid its first two quarterly distribution
payments of $0.375 per share each. These distributions represent an
annualised yield of 6% based on MGU's issue price of $25 per share.
* Subsequent to the half year end, MGU declared a distribution of
$0.40 per share for the quarter ended June 30, 2006. This represents an
increase of $0.025 per share, or 6.7%, from the previous quarterly
distributions of $0.375 per share.
* The increase in distribution is underpinned by returns generated
by investments.
* This increase in distribution to $0.40 per share represents an
annualised distribution rate of 6.4% based on MGU's issue price of $25
per share, or 7.5% based on MGU's market price of $21.34 on May 31,
2006. This distribution was paid on June 30, 2006.

In regards to currency:
* The MGU portfolio is invested across a number of countries.
* Our intention, as has been the case since the inception of MGU,
is to leave the capital value unhedged.
* General weakness of the U.S. Dollar during the half year ended
May 31, 2006 provided a positive contribution to MGU's NAV. For example,
the U.S. Dollar depreciated in excess of 7% against both the British
Pound and the Euro during the period. As of May 31, 2006, approximately
36% of the MGU portfolio was denominated in these two currencies.

3. 	Portfolio Analysis

With regards to total funds invested:
* The Fund has continued to invest the proceeds from the IPO
and the $150 million revolving credit facility, with approximately 97%
of the proceeds available to the Fund now invested in the securities
of Infrastructure Issuers.
* Total fund size is currently around $570m.

With regards to portfolio composition:
* As at the end of the half year, the MGU portfolio was invested
in 40 securities.
* We continue to focus on securities of Infrastructure Issuers
that we believe have strong strategic positions in their respective businesses
and are able to generate sustainable and growing cash flow streams.
* As of May 31, 2006, the largest three country weightings in the
MGU portfolio were the U.S. (23%), U.K. (20%) and Australia (16%):
* U.S.: MGU has focused in the U.S. on pipeline infrastructure
with a high component of fee based income and utilities with
predominantly regulated earnings.
* U.K.: MGU investments in the U.K. have reflected a combination
of airport, port, energy infrastructure (including gas and electricity
transmission and distribution networks) and water utilities.
* Australia: In Australia, the Fund has invested in energy
infrastructure as well as toll road and diversified infrastructure
businesses. MGU's investments in Australia have increased with
the participation in the initial public offerings of Spark Infrastructure
and SP Ausnet in December 2005.
* Going forward, we expect that overall exposure to the U.S.
will remain below 30% of the portfolio.
* The top 5 holdings in the MGU portfolio as at May 31, 2006
were as follows:
1. BAA plc: Owner of a number of airports in UK and around the
world including Heathrow. BAA plc was subject to a takeover offer during
the half year, which saw its share price rise over 37% during the period.
Subsequent to half year end, BAA plc confirmed that it had accepted,
subject to final documentation, an offer from a consortium led by Grupo
Ferrovial SA, a Spanish construction group.
2. Magellan Midstream Partners LP Magellan's main business is
the transportation, storage and distribution of refined petroleum
products. In April 2006 Magellan announced a record quarterly
operating profit and net income, and increased its 2006 earnings
guidance.
3. Transurban Group: is a Top 50 Australian Stock Exchange
listed company which focuses on the long-term ownership and
management of advanced electronic toll roads. Transurban
Group's portfolio of toll road assets include: CityLink (Melbourne,
Australia), Westlink M7 (Sydney, Australia), M2 Hills Motorway
(Sydney, Australia) and Pocahontas Parkway (Virginia, U.S.A.). The
Transurban Group security price was relatively flat during the half year ended
May 31, 2006, down 1% over the period.
4. Kinder Morgan Energy Partners L.P. is one of the largest
pipeline master limited partnerships (MLPs) in the U.S., with a
range of liquids and natural gas pipelines.
5.   Enbridge Energy Partners L.P. like Kinder Morgan Energy
Partners, is a pipeline related MLP. Enbridge Energy's main focus
is the transportation of crude oil. In particular, it owns the U.S.
portion of the world's longest liquid petroleum pipeline, which
transports crude oil and natural gas liquids from Alberta Canada
to refining centres in the U.S. Midwest and Ontario, Canada.

* We believe that both Kinder Morgan Energy Partners
and Enbridge Energy Partners have sound long term fundamentals,
although the prices for both have been impacted by recent interest
rate concerns in the U.S. market.
* In terms of absolute share price performance, the top
performing holding in the MGU portfolio over the half year ended
May 31, 2006 was Beijing Capital International Airport. We believe
that strong operational performance and demand for China-related
investments helped its share price increase 44% over the half year.
* Another strong performer during the half year was Electricite
De France (EDF). We believe that high energy prices have
contributed to the strong performance of EDF, which listed in
December 2005.
* In our opinion, weakness in the MGU portfolio can be
largely attributed to concerns about inflation and rising interest
rates, with positions in the U.S., Canada and Australia being
affected in particular. Kinder Morgan Energy Partners (pipes),
Northland Power (contracted generation) and Spark Infrastructure
Group (energy distribution - Australia) are examples of stocks
where price performance has been impacted by interest rate
concerns during the period.
* In addition, Zhejiang Expressway (Chinese tollroads)
was also weak, reflecting market concerns with respect to
underlying short term business fundamentals.
* We believe that weakness in the MGU portfolio has
been consistent with trends in the broader market. For example,
between May 10, 2006 and May 31, 2006 the MGU NAV fell 3.1%
whilst the MSCI World Local Index fell 5.6%.

With respect to leverage:
* In December 2005 the Fund entered into a $150 million
revolving credit facility.
* As of May 31, 2006, this credit facility had been fully drawn
down.
* The overall level of leverage is around 26% of gross
assets, which is well within the limits outlined in the Fund's
prospectus.
* To limit exposure to potentially adverse interest rate
movements, MGU has locked in interest rates on the whole
$150 million borrowing through a number of 3 - 5 year swaps.


4. 	Outlook and Conclusion
With respect to interest rate concerns:
* Interest rate uncertainties are likely to prevail in the short
term.
* We believe that while MGU will not be immune to broader
market uncertainties, two factors should mitigate concerns with
respect to the underlying MGU portfolio:
1. First, the MGU portfolio is invested across both a number
of countries and a number of different infrastructure businesses; and
2. The investment process specifically examines the
sustainability of a company's cash flow stream, including the
impact of higher interest rates on underlying fundamentals.

With respect to outlook:
* We expect that a number of the themes highlighted in the
MGU Annual Report on November 30, 2005 will continue to
provide an attractive investment environment for MGU. These
include:
* U.S.: industry consolidation and increased investment
in gas and electricity transmission infrastructure resulting from
legislative changes. This has already started to occur. Over
the last six months there has been a number of acquisition
 announcements. These include the announced acquisitions
of KeySpan Corporation, Green Mountain Power, NorthWestern
Corporation and Duquesne Light Holdings.
* Canada: new energy infrastructure projects.
* U.K. and Europe: sector consolidation, regulatory
reform, new asset privatizations and capital management
initiatives. Recent examples of sector consolidation in the
U.K. and Europe during the half year included the acquisitions
of BAA plc and Associated British Ports Holdings plc, and
offers for Endesa S.A. (a Spanish utility) and Autostrade S.p.A.
(an Italian tollroad company). Recent examples of asset
privatizations include the initial public offerings of Electricite
de France and Aeroports de Paris in France.
* Australia and New Zealand: further new listings. Examples
of new listings during the past six months include the initial
public offerings of Spark Infrastructure Group and SP AusNet.
Both of these companies focus on regulated energy networks.
* Emerging markets: continue to explore opportunities in China and
India, where strong economic growth and prosperity has lead
to a significant increase in demand for basic infrastructure
services. To date we have made Chinese investments through
the Hong Kong market. We are also selectively looking at
opportunities in Latin America.
In conclusion:
1. MGU's investment strategy remains very much on
course.
2. We remain committed to our total return investment
objective. Our strategy remains focused on investing in a
globally diversified portfolio of infrastructure securities which
can provide dividend yield and growth to the MGU portfolio.
3. We have been able to increase the distribution by 6%
in June to $0.40 cents per share.
4. We remain optimistic about the growth potential for
the infrastructure sector and the range of current and potential
investment opportunities that the sector presents.

5.	Marketing/Contact Points

* We will continue to maintain regular conference calls
with shareholders to ensure that all shareholders can hear
about what is happening with MGU.
* We will also continue to update the MGU website,
at www.macquarie.com/mgu. In addition to half yearly and
yearly reports, we also provide on the website a monthly fact
sheet, as well as answers to frequently asked questions. There
is also additional information on Macquarie and the portfolio
management team on the website.


Thank you for joining us today. If you have any further
questions on the Fund, please feel free to send an email to
MGU-Questions@macquarie.com, or to contact us by phone
on 1800 910 1434.

Thank you again for your time today and for your
continued interest in MGU.

Forward-Looking Statements

This script contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995.  Forward-looking statements involve risks and
uncertainties, including, but not limited to, statements as to our
future operating results; our business prospects and the
prospects of our portfolio companies; the impact of investments
that we expect to make; the dependence of our future success
on the general economy and its impact on the industries in
which we invest; the ability of our portfolio companies to
achieve their objectives; our expected financings and
investments; the adequacy of our cash resources and
working capital; and the timing of cash flows, if any, from
the operations of our portfolio companies.

We may use words such as "anticipates", "believes",
"expects", "intends", "will", "should", "may" and similar
expressions to identify forward-looking statements.  Such
statements are based on currently available operating,
financial and competitive information and are subject to
various risks and uncertainties that could cause actual
results to differ materially from our historical experience
and our present expectations.  Undue reliance should
not be placed on such forward-looking statements as
such statements speak only as of the date on which they
are made.  We do not undertake to update our forward-
looking statements unless required by law.